19. In Article 66 (Transfer of engagements between credit unions) for paragraphs (4)(1) and (5)(2) substitute—
“(4) If the appropriate authority is the FCA, the FCA must not register a special resolution under this Article unless the proposed transfer would not, in its opinion, result in a contravention of the 2000 Act, or any requirement imposed by or under that Act.
(5) If the appropriate authority is the PRA, the FCA must not register a special resolution under this Article unless the PRA, having first consulted the FCA, has confirmed to the FCA that the proposed transfer would not, in its opinion, result in a contravention of the 2000 Act, or any requirement imposed by or under that Act.”.
Article 66(4) was inserted by S.I 2011/2832 and substituted by S.I 2013/496.
Article 66(5) was inserted by S.I 2013/496.